OpenDoor is disrupting the real estate market with its new model. It buys homes and sells them on its platform.
A day after Zillow’s stock fell to a 16-month low, Opendoor shares soared as much as 19%. The San Francisco-based company, which went public late last year through a special purpose acquisition company, pioneered the instant-buying (or iBuying) market, allowing homeowners to sell their property online for cash, rather than going through an extended bidding, sales and closing process.
Opendoor is scheduled to report third-quarter earnings next Wednesday, so investors will…